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Iras probes home buyers who used ‘99-to-1’ loophole to avoid paying ABSD
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The Iras audit will ruffle the property investment community because such cases are apparently quite common.
PHOTO: ST FILE
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SINGAPORE - The taxman has launched an audit of private property purchases involving a “99-to-1” sales contract that could be used to dodge paying the additional buyer’s stamp duty (ABSD).
The Straits Times has learnt that letters are being sent to some first-time buyers of private real estate asking them to explain why they sold just 1 per cent of the same property to a relative barely a week after exercising the purchase option.
